INTEREST: Servant or Tyrant

Lately I have been very interested in interest. I have been very cautious about delving to deeply in debt, anyone with a brain the size of an almond knows how scary that can be. However...men and women are still fooled by its allure? Why? I believe that interest makes an incredibly good servant, put it to work for you and it helps add value to your savings. This decreases the risk of inflation taking off and leaving your savings in the dust. In fact, I think you could argue that most of us would be hard pressed to finance our own retirements without interest. So, interest is needed in order to stay financially independent. Interesting enough, interest is also the fastest way to lose our financial independence as well. Interest can be a monster! My advice is to never get a card with a balance of more than you can payoff in one month. Just don't do it! If you have that line of credit...it becomes all to easy to use it, and you will not be able to pay it back. You will have two choices at that point. Pay less than the full balance and succumb to interest, your new master. OR miss your payment date throw your credit history down the tube, pay late payment fees, and succumb to interest, your new master. Either way your hard earned money is going somewhere you don't want out of your hands and into a black hole. How can you avoid this fate? Take my advice, be your own master and make interest serve you!